Contract Law
Contract Law Contract law is a sub-branch of the law of obligations, a set of legal rules governing civil obligations arising from various types of contracts. Includes institutions of separate contractual obligations (sales, lease, contract, etc.). Concept of contract According to Civil code Article 420, the contract law is defined as: * The agreement of two or more persons on establishment, change or termination of civil rights and obligations is recognized as the agreement. * General provisions on obligations shall apply to obligations arising from a Treaty, unless otherwise provided in the rules of this Chapter and the rules on certain types of contracts contained in this Code. * For treaties concluded by more than two parties, the General provisions of the Treaty shall apply if this is not contrary to the multilateral character of such treaties. Freedom of Contract According to Civil code Article 421, the freedom of contract is established by: * Citizens and legal entities are free to conclude a contract. * The parties may enter into an agreement, both provided and not provided by law or other legal acts. * The parties may enter into a contract that contains elements of various contracts provided for by law or other legal acts (mixed contract). * The terms of the contract are determined at the discretion of the parties. * If the condition of the contract is not determined by the parties or the dispositive rule, the relevant conditions are determined by the customs applicable to the relations of the parties. Validity of the contract The agreement shall enter into force and become binding on the parties from the moment of its conclusion. The parties have the right to establish that the terms of the contract concluded by them apply to their relations arising before the conclusion of the contract, unless otherwise provided by law or follows from the substance of the relevant relationship. The law or the agreement may provide that the termination of the agreement must entail the termination of the parties ' obligations under the agreement. A contract in which there is no such condition shall be recognized as valid until the end of the performance of the obligation by the parties specified therein. The expiration of the contract does not release the parties from liability for its violation. A party that has accepted from the counterparty performance under the contract related to the implementation of its parties ' business activities, and thus fully or partially failed to fulfill its obligation, shall not be entitled to demand recognition of the contract as invalid, except in certain legal cases. In case of invalidation at the request of one of the parties to the contract, which is a disputed transaction and the performance of which is associated with the implementation of its parties business, the General consequences of the invalidity of the transaction apply, if other consequences of the invalidity of the contract are not provided for by the agreement of the parties, concluded after the recognition of the contract invalid and does not affect the interests of third parties, and does not violate public interests